EVFX Review: Is EVFX.Co.Uk a Trustworthy Broker?
EVFX Review, Some of them are the possibility to trade 24/5, promptly respond to price changes, and the fact that it is the most liquid market in the world with a daily volume of over 6 trillion USD.
Nonetheless, there are some challenges making forex trading a risky endeavor, viz., the unpredictable nature of markets and the rising number of bogus brokerage firms. Our analysis will help you with the latter.
Namely, we want to save you time and money and assist in the selection of the right forex provider, such as the EVFX broker offering Electronic and Voice access to the Forex. Thus, go through our EVFX review to find out the next subject: is EVFX.co.uk a trustworthy broker?
EVFX Pros and Cons
Correlating to the above question, EVFX is an excellent choice for traders because of its good standing and proven track record.
The company is registered in the UK and has been operating since 2011. It is also licensed by the premium financial market regulator (British FCA), ensuring a high level of protection of funds.
Aside from that, every trader can enjoy many modern trading platforms, popular trading instruments, beneficiary terms of exchange, and professional customer service rendered by this UK-based broker.
On the negative side, less experienced traders might be disappointed with the lack of educational resources.
|Minimum Deposit:||500 USD|
|Minimum Trade:||0.01 lots|
|Spreads:||EUR/USD spreads 0.1 pips|
|Underlying Assets:||Forex, commodities, indices, and stocks|
|Other trading platforms:||Currenex, CQG, FastMatch, Integral, FXall, Digitalvega, hotspotFX, solidFX, FXCMPRO, FXONE, API Trading|
Without a doubt, EVFX is a well-established brokerage firm offering promising opportunities for successful trading with peace of mind. However, with reference to the awards, we are not sure if and what official accolades this company has.
It is simply because there is no info on this matter on the EVFX website. That, in no way, diminishes this broker’s credibility, competence, and worth.
Anyway, the biggest compliment to this FX provider is numerous positive EVFX reviews.
Is EVFX Regulated? Security and Regulation
EVFX (Electronic and Voice Foreign Exchange Ltd) is headquartered in London—one of the world’s largest financial hubs—and is also authorized by the British FCA (Financial Conduct Authority) to provide online financial trading services.
All FCA-regulated brokers must adhere to legislation, otherwise, they are charged and blacklisted.
Being an FCA-licensed broker carries a certain weight in the business since this supervisory agency is among the most respected market regulators due to having stringent regulations.
For example, one of its licensing preconditions is maintaining a 1M GBP working capital, ensuring that a broker is a sustainable business and that it won’t cease trading quickly. In addition, FCA closely cooperates with the UK HM Treasury.
Anyway, in the negative event, traders are covered by the FCA compensation scheme—which is up to 85,000 GBP.
Moreover, the FCA-certified EVFX protects your funds by keeping its capital separate from your money (segregated accounts) and by offering negative balance protection (an investor can’t lose more than deposited).
Overall, investing with EVFX is pretty much safe since your funds are safeguarded.
What are the Available Accounts at EVFX?
About trading accounts, keep in mind that EVFX doesn’t accept traders based in US and Belgium. As for live trading accounts, three types are available at EVFX—personal, corporate, and introducer.
Each of them differs in terms of the minimum required deposit (starting at 500 USD), leverage (from 1:30–1:400), spreads (on EUR/USD 0.1 pips), and margins.
This brokerage company also provides Islamic accounts, accommodating the needs of Muslim traders abiding strictly by Sharia law.
Also, the EVFX demo account is available for beginners and those who want to test platforms, trading conditions, and trading strategies without real risks and costs.
As a drawback, we find a scarcity of information about trading conditions linked to a respective trading account. We are sure that traders would appreciate more info on this matter before setting up accounts.
EVFX Trading Platforms
EVFX stands out from the rest thanks to its unparalleled provision of a wide array of trading programs—including Currenex, FastMatch, Integral, FXall, Digitalvega, hotspotFX, solidFX, FXCMPRO, FXONE, API Trading, Fidessa, Trading Technologies, CQG, Bloomberg, Thomson Reuters, and Ice. This unique feature enables you to access spot, forwards, options, NDFs, futures, and equities markets.
Despite this impressive offer, some traders cavil at a lack of MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are one of the most reliable and widely used in the industry. From a broker of such caliber as EVFX, it is expected to include these advanced trading platforms.
Anyhow, EVFX trading software offering gives it an edge over the competition. Clients can trade on any device with over 90 currency pairs, 20 commodities, and 12 stock indices; some examples of trading products are listed below.
- Forex: AUD/CAD, CHF/DKK, EUR/NZD, GBP/NZD, and USD/JPY.
- Commodities: silver, gold, crude oil, natural gas, and wheat.
- Indices: IBEX 35, CAC 40, NASDAQ 100, S&P 500, and FTSE 100.
- Stocks: Tesla, Amazon, Microsoft, Intel, and Apple.
Deposits and Withdrawals Methods
Regarding funding and drawing out methods, traders can transfer money to and from their accounts at EVFX through credit cards, wire transfers, and Skrill. Although these accepted means of payment might be considered too little by some, they are the most secure, trusted, and convenient.
Speaking of the EVFX minimum deposit, it is 500 USD—which might be a little higher at first thought—but it is reasonable and commensurate with the quality of the service.
When it comes to the EVFX withdrawal process and fees. The former is fast and easy; the required time frame ranges from immediate to two business days.
Concerning the latter, EVFX doesn’t charge payoffs (nor deposits). However, you can expect external transaction costs incurred by banks/payment institutions.
Research and Education Offered
As we have already pointed out, a stumbling block for novice traders could be a lack of means of education at EVFX. It can be constructed in such a way that this broker firm better suits those with previous trading experience.
For instance, its competition offers a wide range of learning resources to teach and make traders more successful, such as online courses, market analysis, economic calendars, market news, FAQs, glossary, and how-to.
Still, we would like to praise the product guide on its web page, which is very useful and explains all tradable assets available at EVFX.
In relation to customer support, clients can contact the EVFX team via the most common communication channels, i.e., phone and email. However, there is no online chat function, which can be considered a disadvantage.
Likewise, assistance is possible only in the English language, which non-English speakers will find inconvenient.
Nonetheless, despite these minor drawbacks, EVFX customer service is up to the task and consists of knowledgeable professionals ready and able to help anytime.
EVFX Overall Summary
To finish this EVFX broker review with crucial aspects. EVFX is a transparent company registered in the UK and is a licensed and regulated broker by the top-level financial market regulator—the British FCA.
Also, this brokerage firm has been providing services since 2011, making it trustworthy and well-respected. Lastly, this forex provider excels because of its unrivaled offer of trading platforms. Not only that, we can commend its favorable trading conditions and professional customer service.
In our honest review, we also want to point out room for improvement. In particular, EVFX should improve its education offer, include more means of payment and communication, and be more transparent about the trading conditions involved in each account.
Finally, we highly suggest the EVFX broker for online trading as it is safe. Seasoned traders will find it beneficial.
FAQs About EVFX Broker
Is the EVFX a Reliable Broker?
Yes, it is. EVFX is trustworthy since it is a UK-based broker authorized by the tier-one supervisory body, the British FCA.
How Long Does an EVFX Withdrawal Take?
Depending on payment means, it takes from instant to two business days on average.
What Account Types are Available at EVFX?
You can choose from three live trading accounts (personal, corporate, introducer), an Islamic account, and a demo account.
What Trading Platform Does EVFX Use?
There is a really large number of advanced platforms available with EVFX, such as Currenex, CQG, FastMatch, Integral, FXall, Digitalvega, hotspotFX, solidFX, FXCMPRO, FXONE, and API Trading.
Does EVFX Offer a Mobile Application?
Yes, it does, you can trade on the go with the EVFX mobile trading application accessible through iOS and Android devices.